Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund; Member Service Continues Uninterrupted
ALEXANDRIA, Va. (Feb. 14, 2014) – The Minnesota Department of Commerce today appointed the National Credit Union Administration as receiver of St. Francis Campus Credit Union of Little Falls, Minn. As the receiver, NCUA will act as the liquidating agent, and Central Minnesota Credit Union of Melrose, Minn., has immediately assumed St. Francis Campus Credit Union’s members, assets, shares and loans.
Members of St. Francis Campus Credit Union will now become members of Central Minnesota Credit Union. There will be no interruption in member services, and accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.
Members with questions about their accounts can contact the Central Minnesota Credit Union Member Services office at 320-414-0500 between 7 a.m. and 6 p.m., Monday through Thursday; 7 a.m. and 7 p.m., Friday; and 8 a.m. through 1 p.m., Saturday.
Central Minnesota CU is a federally insured, state-chartered credit union with assets of $759 million and 52,000 members, according to the credit union’s most recent Call Report.
The Minnesota Department of Commerce made the decision to liquidate St. Francis Campus Credit Union and discontinue its operations after conducting an examination and determining the credit union was insolvent with no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by Central Minnesota Credit Union, the credit union served 3,400 members and had assets of approximately $51 million.
Chartered in 1963, St. Francis Campus Credit Union served employees of the St. Francis Campus, as owned by the Franciscan Sisters, their relatives and employees of the credit union. St. Francis Campus Credit Union is the second federally insured credit union liquidation in 2014.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.